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Old 10-18-2009, 04:47 PM
 
207 posts, read 1,034,549 times
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Finally some creativity! This is exactly what I was looking for, thanks ubuntumatrix.
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Old 12-22-2011, 10:10 AM
 
207 posts, read 1,034,549 times
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I would like to "re-open" this thread I posted more than two years ago, because we are in the market again and wondering if anything has changed with regards to jumbo loans in FL (specifically, Palm Beach County) as far as needing 20% down or being able to get PMI. We would like to find a way to put no more than 10-15% down on a $600k sale. Thanks.
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Old 12-23-2011, 05:25 PM
 
Location: Parkland 561-213-2252
166 posts, read 384,473 times
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Originally Posted by flguy123 View Post
I would like to "re-open" this thread I posted more than two years ago, because we are in the market again and wondering if anything has changed with regards to jumbo loans in FL (specifically, Palm Beach County) as far as needing 20% down or being able to get PMI. We would like to find a way to put no more than 10-15% down on a $600k sale. Thanks.
I believe my lender does jumbos with less down. Send me an email and I'll get you his contact information.
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Old 12-23-2011, 11:14 PM
 
Location: Jupiter, FL
2,006 posts, read 3,320,875 times
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Originally Posted by faithfulFrank View Post
I guess I'm just outdated. In my world, you bought your first home within what you could afford
I like with your entire post. However, I do think you are outdated in one sense. The era you are describing had one key feature that's fast disappearing across America: Back then, it was easy to buy a cheap home in a decent school district.
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Old 12-24-2011, 09:19 PM
 
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subscribing

How did your first deal go? Care to offer specifics?
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Old 12-25-2011, 01:26 PM
 
207 posts, read 1,034,549 times
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If you're talking to me, we did not move forward with the first deal, although we did find a bank that would do 20% down on a jumbo custom new construction. We decided to change locations.
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Old 12-26-2011, 10:15 AM
 
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Yes, we do have the ability to get Jumbo loans done with less than 20% down. There is not a huge appetite from a large number of lenders though. We do have an aggressive source though.
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Old 01-19-2012, 01:25 PM
 
207 posts, read 1,034,549 times
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I found out this week that Seacoast National Bank can now do 90% LTV on jumbo loans up to $625k. PMI is back. They said "The mortgage insurance companies will do 90% with 720 credit score up to a loan of $625,500 and DTI of 41% or with a 740 score, DTI of 45%." So that is good news for anyone who can't do 20% down on a jumbo up to a loan amount of $625k if you have good credit and debt-to-income ratios. Fyi, on a theoretical $575k loan amount the PMI was around $375/month. Pretty steep but understandable. They are using Genworth for PMI and one other.
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